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BSMG Blog: Protecting the Future of Families and Businesses

Five Reasons the Ultra-Affluent Will Still Need Life Insurance, Even Without Estate Taxes

With all the questions looming around what will happen if the proposed elimination of estate taxes goes through. You may be wondering if the affluent will still have a need to buy life insurance and how it will impact your life insurance sales strategies. The knee jerk reaction is that the wealthy will not have the same level of need for a life policy, however there are many reasons, other than estate taxes, why the ultra-wealthy should purchase life insurance. Forbes Insights cites some reasons from Frank Seneco, President of Seneco & Associates, on the subject matter. We have summarized and expanded these insights to offer you an opportunity for new life insurance sales strategies.

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Transition Planning: Do As I Say, Not As I Do

We know that one of the primary benefits of being a life advisor is the reward of knowing you are helping individuals and families protect themselves against the inevitable. Alternatively, do you have a plan if something happens to you and your practice?  Would those individuals that you sought hard to protect still have a safeguarded plan?

Many advisors don't think about instilling a plan for themselves the same way they do for their clients. In fact, LIMRA reported up to half of advisors do not have succession plans.  


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[INFOGRAPHIC] Succession Planning for Small Business Owners

Could your client's company survive their loss or the loss of a co-owner? How would such a loss affect the remaining owners and employees? Is your client's business prepared for the future?

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Top Business Owner Concerns

What are the main concerns for your business owner clients?

This Business Owner Concerns infographic breaks down your client's top considerations. This information will be useful when finding the right financial solutions for themselves and their business.

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The Right Buy-Sell Agreement for Your Client

One of the most important planning issues confronting a business owner is what happens to his or her share of the business upon death.


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Business Owners - Business Continuation

Do your clients or prospects who own businesses, or are partners at professional service firms, have a succession and retirement plan? Most likely, they need your support to incorporate this plan into their Buy-Sell Agreement as statistics show only 12% of business owners have retirement listed as a mandatory purchase and/or sale event. 

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3 Steps to Business Succession Planning for You & Your Clients


Have your clients considered what will happen to their business when they are no longer actively involved? Have you talked to your clients about who will take over - their partner, children, a key employee or competitor? Are they aware of strategies to ensure a fair price if a sale needs to be made quickly? 

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